Many public biopharmaceutical companies have taken advantage of the ongoing capital markets recovery in 2024 by raising money through follow-on public offerings (FOPOs) after announcing key research and development, regulatory or other business milestones. Revolution Medicines and NewAmsterdam Pharma are among drug developers who closed significant FOPOs in December after important clinical trial readouts, grossing $862.5m and $479m, respectively.
Finance Watch: FOPO Surge Continues With Big Offerings From Revolution, NewAmsterdam
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Public Company Edition: Revolution Medicines grossed $862.5m and NewAmsterdam raised $479m in follow-on public offerings, continuing this year’s rise in FOPOs. Janux, CG Oncology, Rocket, ImmunityBio, Protara and Candel also recently raised significant follow-on cash.
